Seven years ago, an online pioneer of cryptocurrency by the username of Lazslo(Laszlo Hanyecz) made one of the first Bitcoin transactions when he ordered two pizzas in exchange for 10,000 Bitcoins. In the week when Bitcoin is about to (or at the point of this post has already) break through the $10,000 ceiling, I find that there is an odd romance about this story. Being as someone who has not really a full grasp of cryptocurrencies and having never really traded except to purchase some slightly fishy software on Reddit using my appropriately small BTC wallet, I have become recently fascinated with the rise of this unregulated form of currency.
Whereas I may have, at the current BTC price, overpaid for the dodgy Windows 10 and Office licenses a couple of years ago when bought with what is now essentially $250 worth of bitcoins, the expensive pizza in question would theoretically be worth $50 million EACH. It is baffling how with the Chinese government control and restrictions on all cryptocurrency, and the rightly constant negative press surrounding cryptocurrencies and its proness to scams, somehow BTC is able to shun away these criticism and continue its hype train. As many people including myself wonders not if but when this out of control train will hit its peak market cap ceiling and veer off into a massive collapse, for the meantime, I thought it may be a little fun to gamble a little bit on the smaller altcoin, Litecoin.
A little regret for myself personally is that despite my uni housemate’s recommendation to explore Bitcoins and mining back in the early part of 2010, I casually dismissed it as a gimmick concept that would bubble and evaporate. This was when a coin was worth about $0.06. Though I assume that regret is dwarfed by what Lazslo would be feeling as Bitcoin hits $10,000. One assumes wherever Lazslo is now, everytime he sees or smells any remnance of a slice of pizza, he must be feeling an overpowering need to throw up the memory of losing what is essentially $100 million (and rising). Though I presume if he had that much to throw on two pizzas, he must still have some Bitcoins left over and rather than drive that solid gold Lamborghini, is probably settling for the solid silver one instead.
This blog’s normal writers has on many occasions complained about my lack of contribution…so…